📊 Technical Analysis of BTC/USD Chart (Weekly Timeframe)
1. Chart Overview
Pair: BTC/USD (Bitcoin vs. US Dollar)
Exchange: Binance
Timeframe: 1W (Weekly candles)
Current Price: $107,508.75
2. Pattern & Market Structure
The chart displays a potential ABCDE corrective wave structure, likely part of an Elliott Wave Ending Diagonal or a distribution phase.
The market appears to be forming a double top around the E point, signaling trend exhaustion and possible trend reversal.
This pattern often precedes sharp corrections or bearish reversals.
3. Key Support & Resistance Zones
Immediate resistance: Around $107K (current peak)
First major support: Around $80,000 — previous consolidation zone.
Second strong support: Around $41,500 — a critical historical demand area and support zone.
4. Forecasted Price Action
The yellow projection line suggests a significant correction from the E point.
If the current structure breaks down, price could retrace to $80K, possibly consolidating before heading toward the $41.5K zone.
This move would align with an ABC correction or a rising wedge breakdown scenario.
5. Indicators & Momentum
The Stochastic Oscillator at the bottom shows an overbought condition, supporting the bearish outlook.
The red line (likely a 50-period MA) shows flattening momentum, indicating weakening bullish pressure.
Bitcoin is showing signs of exhaustion at the E wave top. The double-top pattern and overbought signals suggest a potential downward move toward key support levels. Risk management is crucial here, as a breakdown from the current level could lead to a deeper correction toward $41.5K. Traders may consider de-risking long positions and preparing for possible short opportunities or re-entry around major support.
1. Chart Overview
Pair: BTC/USD (Bitcoin vs. US Dollar)
Exchange: Binance
Timeframe: 1W (Weekly candles)
Current Price: $107,508.75
2. Pattern & Market Structure
The chart displays a potential ABCDE corrective wave structure, likely part of an Elliott Wave Ending Diagonal or a distribution phase.
The market appears to be forming a double top around the E point, signaling trend exhaustion and possible trend reversal.
This pattern often precedes sharp corrections or bearish reversals.
3. Key Support & Resistance Zones
Immediate resistance: Around $107K (current peak)
First major support: Around $80,000 — previous consolidation zone.
Second strong support: Around $41,500 — a critical historical demand area and support zone.
4. Forecasted Price Action
The yellow projection line suggests a significant correction from the E point.
If the current structure breaks down, price could retrace to $80K, possibly consolidating before heading toward the $41.5K zone.
This move would align with an ABC correction or a rising wedge breakdown scenario.
5. Indicators & Momentum
The Stochastic Oscillator at the bottom shows an overbought condition, supporting the bearish outlook.
The red line (likely a 50-period MA) shows flattening momentum, indicating weakening bullish pressure.
Bitcoin is showing signs of exhaustion at the E wave top. The double-top pattern and overbought signals suggest a potential downward move toward key support levels. Risk management is crucial here, as a breakdown from the current level could lead to a deeper correction toward $41.5K. Traders may consider de-risking long positions and preparing for possible short opportunities or re-entry around major support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.